Kimberlite eludes BHP

The much-anticipated assay results from sulphide intercepts on the Moose property in northeastern Manitoba returned only anomalous values for partners BHP (BHP-N) and New Blue Ribbon Resources (NBL-V).

BHP Diamonds, a subsidiary of Australia’s BHP, cut sulphide-silicate iron formation mineralization in two holes while searching for kimberlites. The sulphide horizons contained pyrrhotite and small amounts of chalcopyrite and sphalerite. The first round of drilling, on seven magnetic anomalies, intersected no kimberlite.

Several other magnetic anomalies have yet to be tested, and a second phase of drilling is planned for late June and early July. New Blue Ribbon can earn an initial 30% interest in the 2,374-sq.-km land package by spending at least $820,000 on exploration before Nov. 1 and a further $1.2 million in 2002. BHP is the operator.